Mumbai: Hours after being laid low, a last minute lifeline seems to have turned the match in favour of the Deccan Chargers.
The climax came when BCCI terminated the Chargers’ contract after it failed to pay them a Rs 100 crore bank guarantee within the court stipulated deadline of 5pm on Friday. But they found a last straw soon after when the Bombay High Court approved arbitrator passed a status quo order on the October 1 stay order on termination of contract, saving them franchise from a burial.
BCCI and Deccan Chronicle Holding Ltd —the company which owns the Chargers — have been in a legal battle over termination of the Hyderabad IPL team’s contract due to non-payment of the bank guarantee. This was a grace mark for clinching an under the wire sale of Chargers by DCHL to a Mumbai realty firm on Friday — said sources at Religare — who oversaw the deal.
“DCHL sold DC to Kamla Landmarc for over Rs 1000 crore on Friday – the DCHL board had approved the execution of a draft MoU with Kamala regarding the Hyderabad IPL franchise on Thursday,” said a Religare official.